RBC and BlackRock team up to form ETF powerhouse
Royal Bank of Canada and BlackRock Inc. have decided to team up to try to dominate the market in Canada for exchange-traded funds.
Two of the firms’ subsidiaries, RBC Global Asset Management Inc. and BlackRock Asset Management Canada Ltd., announced on Tuesday a “strategic alliance” for their ETFs that will unite them under a single brand: RBC iShares.
“Around the world, iShares is known for the breadth of its ETF offerings, technology operating expertise, and investor education, while RBC Global Asset Management is the leader in Canadian mutual funds and has built a leading franchise developing innovative solutions,” said Martin Small, BlackRock’s head of U.S. and Canada iShares, in a release.
“Our aspiration is to champion a new standard for the Canadian ETF market by providing the best solutions and service and help grow the industry through innovative tools and technology for existing and new managers.”